In this episode, we sit down with Le Shrub for a wide-ranging conversation on today’s markets - what he calls the Golden Age of Grift . From currency debasement to the rolling Ponzi cycle, Shrub lays out why valuation no longer drives markets, why real assets matter more than ever, and how to survive when both sides of the barbell can break. We cover: • Why currency debasement is now a permanent feature, not a bug • The barbell approach to portfolio construction in an era of grift • Platinum, ti...
Sep 23, 2025•1 hr 19 min
This week’s wrap is action-packed, featuring the Koala( @YellowLabLife ). We kick off with his takeaways from Beaver Creek and theWorld Nuclear Association conference – then jump into the froth and speculation sweeping the sector. Then we dive deeper into debate on the Anglo Teck deal,posing the question, why now? Grade Control covers: The US’ plans for a mining fund in JV with Orion Qatar’s US$500m Ivanhoe investment BHP’s Saraji South closure Barrick’s Fourmile PEA numbers Sweet or Sour Deal f...
Sep 19, 2025•1 hr 15 min
We sat down with Peter Prendiville and Chris Wiener, the people behind Norfolk Capital Management . Norfolk is one of the newest resource funds on the block. While being new, Norfolk’s returns have been spectacular since the fund kicked off, buoyed by a sound investment process and enviable exploration success. Pete and Chris shared this process through the conversation and explored the big winners they have had to date: WA1; Q2 Metals; Adriatic; New World; Almonty and Commerce Resources. And we...
Sep 16, 2025•1 hr 22 min
This week’s wrap is packed – featuring special guest James Nicholls, a resources M&A lawyer with an abundance of deal-making experience. We kick off with the industry’s biggest shake-up in a decade: Teck and Anglo American’s plan to tie the knot – a deal we could spend hours dissecting. From there, James takes us into his sweet spot, unpacking the rise of retail shareholder activism through the lens of Capricorn and Warriedar. Grade Control - BHP & Rio in the wake of the mega-deal - Rio’...
Sep 12, 2025•57 min
Coal and lithium are down 60 - 90% from their highs, uranium stocks have risen tenfold, and copper is on the cusp of breaking out. Where does a contrarian put capital next? In this episode, Brian Laks (Old West Management) shares how he’s positioning after being early and right on uranium: • Why coal and lithium are attractive again after brutal selloffs • How he identifies large, low-cost supply before the cycle turns • What uranium looks like today vs. five years ago • Why copper still has roo...
Sep 09, 2025•57 min
Gold is flying, rates are being lowered, and mining equities are finally waking up. A punchy tour through a risk-on week for gold and real assets, field notes from Africa Down Under, and three segments: Grade Control, Sweet/Sour Deals, and Hidden Gems. We hit Teck’s QB2 stumble, Anglo’s PGM exit, South32’s permitting spray, BHP’s 30-year paper, and a slate of under-the-radar African producers nearing first pour. Stocks covered: RMS, PNR, NST, CMM, ALK, GMD, ORN, WWI, TRE, AAU.L, TCG, PDI, AUE, R...
Sep 05, 2025•49 min
We’re excited to share a candid conversation with Greg Orrell — veteran fund manager and head of the OCM Gold Fund . With more than 30 years as a fund manager, Greg has seen plenty of booms, busts, and boardroom mistakes in the gold sector. In this episode, he unpacks why miners are making huge profits today, why investors still don’t believe it, and what discipline looks like in a true bull run. From the dangers of “profitless prosperity” to the new role of M&A, geopolitics, and debt, Greg ...
Sep 02, 2025•1 hr 1 min
This week we’re joined by Michael Willoughby of Pacific One Capital for the wrap. With his unique experience, Willo is the perfect guest to break down the shifting trends in how miners are getting financed and the geopolitical moves reshaping the sector. We grade BHP’s attempt to offload Nickel West, WestAfrican’s Burkina challenge, the blistering multiple expansion of mining services stocks, the 20-year anniversary of Shovelanna, and the flood of capital raisings hitting the industry. We round ...
Aug 29, 2025•1 hr 7 min
In today’s episode, we’re joined by renowned resource investor Rick Rule to explore where the most overlooked pockets of value lie in the market. Our conversation covers the most beaten-up parts of the market, whether there’s merit in playing the ‘picks n shovels’ approach to resources, how the financing side of the industry continues to evolve, his views on the latest government intervention in the sector, and plenty more. …………… TIMESTAMPS (00:00) Introduction: Neglected Sectors (01:29) Oil and...
Aug 27, 2025•1 hr 8 min
Daniel Dingo Harangozo of Nero Resource Fund is joins us on the mic as we review the big events of the week just gone. And there's no bigger news that China’s push toward “anti-involution” and what it means for commodity markets. From there, we cover the latest twists in Regis’ M&A hunt and Vault’s decision to buy back up to 10% of its shares. In Grade Control , we rank Peabody walking from Anglo’s coal deal, the ongoing drama at Resolution Copper, the rocket under rare earths, Kaili’s wild ...
Aug 22, 2025•1 hr 10 min
With so much unfolding in China across the battery metalsspace, we sat down with YJ Lee at the perfect time. YJ runs a fund focused on the energy transition and bringsdeep expertise in both metals and battery markets. In this conversation, we dig into China’s policy pivot toward anti-involution and its knock-on effects for lithium and EVs. From there we dive deep into lithium itself – covering the demand and supply outlook, the surge in BESS, why inventories are often misunderstood, and plenty m...
Aug 19, 2025•47 min
We’ve got a new style of show that we’re pumped to share. The weekly wrap covering all the big stories in detail plus plenty highlights. We’ve got analysis, ratings and hot takes. And we're joined by Sam Berridge, Portfolio Manager of the Perennial Natural Resources Trust. Today’s show gets into the lithium melt-up, South32’s Mozalheadache, the cracking Hudbay-Mitsubishi deal as well as touching on Greatland, Stausholm’s farewell tour, the SYA-PLL deal struggle, Australia's Nyrstar rescue, Barri...
Aug 15, 2025•1 hr 5 min
We’re thrilled to bring you a candid conversation with ZimiMeka — co-founder and CEO of Ausenco , one of the world’s top mining engineering firms. From the soaring highs to unbearable lows, Zimi sharesstories of building mines in explosive-laden corners of Laos, hacking through Tanzanian & Zambian jungles, and navigating the temptations of debt and public markets. Packed with timeless business lessons, investor insights,and a few cracking tales, we thoroughly enjoyed this is a masterclass. T...
Aug 12, 2025•1 hr 3 min
Today’s episode is an exploration into the story behind one of Australia’s greatest business success stories, Fortescue. The company has paid over $42B in dividends in its brief history, which began at Andrew Forrest’s kitchen table just 22 years ago. Within a few years it was one of the largest companies in the nation as it smashed through records while creating its foundation at Cloud Break. We focus in on the first 5 years, looking to relive the highs and lows, while attempting to understand ...
Aug 08, 2025•1 hr 57 min
We kick things off with Australia’s bold indication to set arare earth floor price – a page right out of the US playbook – and then dive into the big question: Will the government step in to rescue all our struggling smelters and refiners? Then, we pick a part the most interesting content fromDiggers & Dealers, including funny takes, companies to watch plus the big themes. Companies mentioned: PNR, VAU, RMS, EMR, PMT, WTM, SMI, BTR, MM8, RXL, TCG, JMS, OBM, CMM, GMD, GNG …………… TIMESTAMPS (00...
Aug 05, 2025•44 min
With the quarterly season wrapping up, we pick apart the most interesting updates in the market. First up: Boss Energy. A leadership shake-up and a cloudedoutlook for Honeymoon saw the share price halve. Then to Liontown, who’re still grinding to get KathleenValley up and humming. Next, we unpack Greatland, who were hit by a 24% drop on the back of grade issues and an elevated cost guidance. And finally, we delve into the retail shareholder activismat Warriedar, as Capricorn circles with a takeo...
Aug 01, 2025•44 min
Today’s episode is a conversation on what remains Australia’s most intriguing company, Mineral Resources (aka MinRes).We invite on Moz, who unpacks with us his thesis for investing in the diversified miner after publishing his thesis on Twitter.The detailed discussion goes into the weeds on Mt Marion & Wodgina, the haul road, transhipping and governance to name a few subjects.Moz's Twitter account is @onslowshipping This interview was recorded on 28.7.2025. …………… TIMESTAMPS (00:00) Introduct...
Jul 29, 2025•1 hr 49 min
We’re delighted to share this passionate and energeticconversation with Steve Beresford and Ahmad Saleem. With Steve and Ahmad, we dive into the problems they set out to tackle when they launched their timeless podcast, Exploration Radio nearly a decade ago. From there, we explore what they’ve learned about what it really takes to make a mineral discovery, whether this is another area where China is pulling ahead, and what the industry needs more of moving forward. Additionally, we hear about th...
Jul 25, 2025•1 hr 40 min
Today’s episode is a conversation that completely drew us in— with Canadian resource fund manager Darren McLean. Darren is a thoughtful and passionate investor, focused onfinding unloved and overlooked stocks. He follows companies from drilling right through to construction and execution, with a particular interest insingle-asset plays. In this wide-ranging chat, we cover some great stories —from investing in Champion Iron, GT Gold and Filo — to why mining offers such aunique opportunity set, an...
Jul 22, 2025•1 hr 35 min
There’s plenty of alpha to be made — and money to be saved — by learning from a sceptical geologist. So we interviewed one. Roland Gotthard has built a reputation for calling out poordisclosure practices, guiding investors on what to watch for, and recognising when companies get it right. In this episode, Roland shares the lessons he’s learned fromyears of scrutinising company reporting and navigating the grey areas of themining market. .…………… TIMESTAMPS 00:00 Introduction 00:46 Why JORCWTF? 02:...
Jul 18, 2025•1 hr 8 min
Recent wild volatility in markets has led us to reflect ongold, so we thought why not chat with the man who’s spent more time than most thinking about the precious metal… Dirk Baur. Dirk was kind enough to share his wisdom from his decades of observing and analysing gold, as well as a host of other metals. We learn how gold & gold equities perform in crisistimes, whether silver really is a safe haven, if we should consider PGMs as precious metals, the likelihood of bitcoin disrupting the gol...
Jul 15, 2025•54 min
We’re sharing a chat today that we immensely enjoyedrecording. Luca Giacovazzi and Joel Turco, who lead Andrew Forrest’s private mining business Wyloo, joined us in the studio to have a conversation on a wide range of experiences, ideas and perspectives. We reflected on the decision to spend ~$1B buying nickel assets, becoming the 60% owner of the Yangibana rare earth project as well as 20% of Neo Performance Materials, taking a big stake in Greatland Gold when people wouldn’t touch it plus the ...
Jul 11, 2025•1 hr 50 min
We’ve got the pleasure of sharing a conversation with David Sparks — an investor in the natural resources world with experience at some of the world’s biggest hedge funds, including the famed multi-strat firm Millennium, as well as BBT and Exodus Point. In this episode, we unpack why investing in mining from a pod shop is often a flawed strategy, how these firms came to dominate the market, and what it actually means when a pod “blows up.” David also shares his picks for the most impressive mana...
Jul 08, 2025•41 min
We went a bit rogue today with a completely different dailyepisode style. Financial markets, mining and commodities are at a fascinating inflection point, and we wanted to hear what some of the smartest people in markets are thinking. So we called them. This episode is packed with thoughts and ruminationsfrom Russell “Rusty” Delroy, Dan Porter and Tom Woolrych, who opened up on global macro, hunting for value, coal markets, and a bunch of explorers looking for the next big find. .…………… TIMESTAMP...
Jul 03, 2025•37 min
We mix things up today with a daily show and interview allin one as we’re joined by Hank Ruehl, who is a natural resource investor through the fund he founded, Sierra Morena Capital. We dive into the latest escalations in the Rack Attack, withKinterra and CAML falling over for New World, before heading up to Sudbury to take a look at Magna Mining, which has consolidated some forgotten mines. Next, we unpack the highly dramatic fight for an outcome atTNR Gold, which sits on 2 great royalties. To ...
Jul 01, 2025•42 min
To kick things off today we pick apart Paladin’s announcement that CEO Ian Purdy will step down and look at what the future could hold for the uranium miner. We then venture to West Africa where Predictive shared their DFS numbers on the Bankan project, leading us to speculate who will make an approach for the developer. Rounding off, we discuss the news that Astron & EnergyFuels received regulatory approvals in Victoria of all places as well as the announcement that Wildcat will embark on a...
Jun 26, 2025•32 min
Nothing gets us excited like a bidding war. The Rack Attackin Arizona ft. New World Resources, Kinterra Capital and CAML is delivering on all fronts, we share the latest here plus explore the rising trend of resource nationalism. We wonder if Barrick could be doing things differently amidtheir dreadful performance in this gold bull market and cast our eyes over the merit of Reko Diq in particular. And to round out the episode, we speak with Tim Staermose of African Lions Fund , on the intricacie...
Jun 24, 2025•48 min
Hostile M&A is back! Kinterra Capital and CAML are going head-to-head in their quest to take out New World Resources, giving us no shortage of enjoyment. We also picked up on a chunky financing package for Asante Gold, who has secured ~US$500m+ to make their Ghanaian gold mining dreams a reality. Could there be an opportunity in the recapitalisation? .…………… TIMESTAMPS (00:00) Introduction (01:56) The Rack Attack in Arizona (19:16) Why Asante caught the eye (21:12) What’s the opportunity (32:...
Jun 20, 2025•35 min
We kick off with the wild moves sweeping through uranium, breaking down SPUT’s raise, the squeeze mechanics, and whether valuations have run too hot. Next up: the drama at New World Resources, where a bidding war could be brewing. And to wrap, a juicy chat about Black Cat’s bold call to stash gold instead of Aussie dollars — and what it says about the market mood. .…………… TIMESTAMPS (00:00) Introduction (00:48) Uranium mania (again) (19:09) NWC: A brewing bidding war (28:19) Should goldies hold b...
Jun 18, 2025•37 min
We have been struggling to make sense of the headlines in the rare earths market lately. What's relevent? What's real? Why do the equities make no sense? To piece it together, we've pulled together a conversation with 3 very insightful people that cover the sector: Thomas Kruemmer (of The Rare Earth Observer), Sustainable Dude, and Dylan Kelly (DK) of Terra Capital. The discussion covers the geopolitical tensions impacting the market, China's dominant role and export restrictions, environmental ...
Jun 15, 2025•1 hr 11 min
